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EMERGE Announces Additional Cost Optimization and Synergies Measures
EMERGE Announces Additional Cost Optimization and Synergies Measures Canada NewsWire ...
About this update from Emerge Commerce Ltd
[{"type":"text","content":"\n \n \n \n EMERGE Announces Additional Cost Optimization and Synergies Measures\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n Feb. 15, 2023\n \n \n /CNW/ -\n \n \n EMERGE Commerce Ltd\n \n \n . (TSXV: ECOM) (\"\n \n EMERGE\n \n \" or the \"\n \n Company\n \n \"), a diversified acquirer and operator of niche e-commerce brands, today announced additional cost optimization and synergies measures.\n \n \n The Company is pleased to announce continued progress in our cost reduction efforts meant to enhance cash flow generation.\n \n \n Further to the anticipated savings previously announced in late 2022, the Company has identified additional savings and cost reductions of\n \n $1M\n \n , for a combined annualized total of\n \n $2M\n \n in anticipated savings implemented under this initiative.\n \n \n As part of overall efforts to drive additional cash flow, the initiative includes reducing overhead expenses, improving margins, maximizing cross-functional synergies amongst EMERGE HQ and portfolio brands, and eliminating unprofitable revenue streams.\n \n \n \"The implemented savings mean EMERGE is yielding more revenue per employee, making it a leaner team than it has been at any point since completing our latest acquisitions,\" said\n \n Ghassan Halazon, Founder and CEO of EMERGE.\n \n \n \n Examples of savings from recent efforts include corporate expenses such as investor relations, office rent, and M&A, in addition to staff reductions associated with unprofitable and discontinued revenue streams. EMERGE expects to begin seeing results from some of these additional measures starting Q1 2023.\n \n \n \"The Company's top priority for 2023 remains to optimize the business for cash flow generation, and we believe these additional savings represent another significant step towards our primary objective,\" continued\n \n Halazon\n \n .\n \n \n \n About EMERGE\n \n \n EMERGE is a diversified acquirer and operator of profitable niche e-commerce brands. Our subscription and marketplace e-c...